Succession Planning: The Benefits of Working with a Professional Family Business Adviser

Successful Succession Planning

For Family Businesses

by Dr Edgar Paltzer

Succession Planning: The Benefits of Working with a Professional Family Business Adviser Succession planning for a family business is often not as straightforward as it may seem. Choosing a successor from within the family has the potential to cause issues, both with other members of the family and non-family employees. Engaging the services of a professional family business adviser can help take some of the emotion out of the process and ensure an impartial viewpoint.

Neutral Mediation One of the principal benefits of engaging a professional to help with succession planning is that they can act as a neutral party in all discussions and help to mediate any situation where challenges or disagreements arise without emotion. The adviser can help family members reach the necessary compromises without taking a toll on the business and hopefully without damaging any relationships.

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Exit Structuring A well thought out handover is essential if a business is to be successfully passed down a generation. Professional advisers can assist with structuring the exit of the older generation and bringing in the younger, ensuring both parties are fully aware of all possible outcomes and prepared for the final handover once the times arises.

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You can learn more about succession planning for family businesses by visiting the blog of Dr Edgar Paltzer.